MegaFon is likely to go ahead with its planned stock market float in? London? this year after receiving an unofficial green light from the British regulator, sources familiar with the matter said.
MegaFon? had aimed to raise about $2 billion from its initial public offering this year, but several sources have said it would have to delay the share sale until 2013 if it did not get the nod from the? U.K. Listing Authority, or UKLA,? in time.
MegaFon? has cleared and resolved any material issues with the UKLA, a source familiar with the situation said on Saturday. Official approval is expected when? MegaFon's IPO prospectus has been completed, the source said.
The company is expected to make a formal statement on the IPO launch in the coming weeks. The deal could happen in late November or early December, before capital markets wind down for the end of the year, sources have said.
The float by? MegaFon, which is controlled by? the country's richest man, Alisher Usmanov, would rank as the biggest by a Russian company since Internet search firm Yandex raised $1.4 billion when it floated in New York in May 2011.
The UKLA approves an IPO prospectus when it is satisfied that a company has met its listing criteria. Among issues the UKLA typically examines is the shareholder structure. Any particular concerns are typically listed in the "risks" section of the prospectus.
Related articles:
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.